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Shiba Inu’s official X handle celebrates the successful first 48 hours of K9 Finance’s Liquid Staking and Derivative (LSD) platform.
In a tweet yesterday, Shiba Inu’s ecosystem team called the public’s attention to the latest milestone achieved by K9 Finance. This comes after K9 Finance launched its highly-anticipated liquid staking solution, dubbed Bonecrusher, on Shibarium.
For context, K9 launched Bonecrusher on September 18, allowing users to stake their Bone ShibaSwap (BONE) tokens.
Remarkable Performance of K9 Staking Solution
Two days after the launch, Buzz, the pseudonymous founder of K9, took to X to highlight the project’s achievements.
According to Buzz, users staked 2.5 million BONE tokens on Bonecrusher’s liquid staking solution within 48 hours. It bears mentioning that Bonecrusher offers an APR of 33.6% for BONE staking.
Currently, the number of staked BONEs has surged to 2,536,219 (2.53 million). These tokens were staked by 171 users.
Additionally, the K9 founder confirmed that users also staked $1.5 million to farm its liquid staking token, knBONE. Furthermore, Buzz disclosed that 50% of the total circulating supply of KNINE has been locked for an average of 10.5 months.
Following this remarkable milestone, Buzz claimed that K9 Finance is now Shibarium’s biggest decentralized finance (DeFi) protocol by total value locked (TVL).
Positive Impact on Shibarium
Interestingly, Buzz also highlighted the positive impact Bonecrusher’s launch has had on Shiba Inu’s Layer-2 blockchain Shibarium. According to him, Shibarium’s transaction volume has increased by 82% since Bonecrusher deployed on the blockchain.
Data from Shibariumscan confirms this claim, showing an uptick in daily transaction volume since September 18. On this day, Shibarium’s transaction volume stood at 7,720, up 70% from the previous day’s record of 4,540.
The following day, Shibarium registered a daily transaction volume of 11,360. At press time, Shibarium boasts a daily transaction of 8,210, while the overall count is 418.22 million.
Moreover, Buzz claimed that Shibarium’s total value locked (TVL) is approaching 3x in just 48 hours after BoneCrusher’s launch.
“Truly humbling to play a small role in growing an ecosystem that is so nascent, yet ripe for opportunity,” Buzz remarked.
Reacting, Shiba Inu characterized Bonecrusher’s performance as an amazing feat for the SHIB community and the team behind K9 Finance.
Ultimately, Bonecrusher’s debut on Shibarium is seen as a notable milestone for the Shiba Inu project. As the staking solution gains more users, it will bolster Shibarium’s transaction volume, leading to more SHIB burns in the future.
The impact of burning SHIB cannot be overemphasized, as it reduces Shiba Inu’s circulating supply, potentially boosting the value of the remaining tokens.